Fiscal Year 2025-26 Budget Approved

by Kathy Savolt

With little discussion, the operating budget for fiscal year 2025-26 passed unanimously at the April 28, 2025 meeting of the Board of Trustees (BOT).  After hours of public budget hearings and a solid explanation of issues this administration inherited, the final public comment came from frequent critic Stuart Tiekert who congratulated the BOT and Village Manager for “realistically dealing with the budget.”  See previous article HERE.

The tentative budget released in March was changed very little.  Just under $115,000 in additional expenses were added and $50,000 in revenue was removed as the Village decided to end the failed boat storage business at Harbor Island Park (See article on FY 2024 HERE).

Summary of the Approved Budget

Appropriations (Expenses)	$49,540,041
Revenues Other Than Real Estate Taxes	17,480,137
Appropriated Fund Balance	899,000
To be Raised by Tax Levy	$31,160,904
% Increase	7.53%
Total Assessed Value	$5,330,344,425
Tax Rate per $1,000	$5.8459

As expected, the percentage increase is over the tax cap.  As previously reported, the tax cap increase would not even cover increases in pension, health insurance and negotiated union salaries.

To estimate your taxes, divide your latest assessment by 1,000 and multiply the result by the tax rate of $5.8459.